Skip to content 
Search

Latest Stories

Eskom sues Deloitte for alleged illegal contracts

SOUTH AFRICA’S Eskom is taking legal action against Deloitte Consulting for the recovery of funds amounting to £10.91 million.

The cash-strapped state power company alleges that the sum of £10.91m is related to improperly-awarded work during 2016.


Eskom has a debt of over £23.71 billion and is dependent on government bailouts to remain operational.

The African firm is facing a judicial inquiry into corruption in state entities. This is in addition to several other probes into mismanagement at Eskom.

Jabu Mabuza, company’s chairman, said in a statement on Monday (21) that his firm filed court papers against the consulting firm, to recover the funds linked to contracts it was awarded by former Eskom executives, accusing Deloitte of unfair practices.

"Information before us shows that Deloitte engaged in activities that were unfair, inequitable, non-transparent and uncompetitive, using off-the-record briefings with Eskom officials to submit proposals, and were granted contracts even though their pricing was way above their competitors," Mabuza said.

Eskom was urging the court to rule the operations relating to a group of tenders as "unlawful and unconstitutional, to set aside the awards, and for Deloitte to pay back the amounts paid to them".

Meanwhile, Deloitte disputed the allegations made by Eskom on Tuesday (22).

The probes were started after leaked documents in 2016 detailed relations between the wealthy Indian-origin Gupta family, former president Jacob Zuma, and deals signed with state companies such as Eskom and other multinational business giants.

The Gupta family and Zuma have repeatedly denied all the allegations.

The detailed investigations have resulted in the resignations and the firing of numerous executives in state-run firms in South Africa.

More For You

Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less
Priya Nair becomes first woman CEO in Hindustan Unilever's history

Priya Nair (Photo: Unilever)

Priya Nair becomes first woman CEO in Hindustan Unilever's history

PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.

The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy shrinks again in May, hitting Labour’s growth plans

THE UK economy contracted unexpectedly in May, marking the second consecutive monthly decline, according to official data released on Friday. The figures present a challenge for the Labour government as it attempts to revive economic growth.

Gross domestic product fell by 0.1 per cent in May, following a 0.3 per cent contraction in April, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
SBI UK cuts mortgage rates

The bank's commitment to green lending reflects focus on sustainability (Photo: Getty Images)

SBI UK cuts mortgage rates

BANKING major State Bank of India (UK) has cut interest rates on its buy-to-let mortgage products to help landlords reduce borrowing costs.

The bank said the rate cuts would help landlords invest in rental properties and meet growing demand for rental homes across the UK.

Keep ReadingShow less